Ambani-Backed Robot Startup Seeks $100 Million To Lead In India

Indian startup Addverb Technologies Ltd. is seeking to raise more than $100 million, trying to cement its role as the country’s top maker of robots.

Addverb, whose robots handle sorting, material movement and other tasks at logistics firms, warehouses and electronics companies, is scouting for more capital after expanding in markets including the US, the Netherlands and Australia, Chief



Executive Officer Sangeet Kumar said.

The startup is investing in new technologies as it eyes growth in areas such as humanoid robots and prepares for a stock market debut in a few years, he said.

The startup faces much bigger rivals from countries such as China, Japan, and the US, yet Kumar is betting there’s room for an Indian contender in the rapidly developing industry.